for ERHC. It just hasn't been made public yet. ERHC had it done for the bid rounds.
That fella with the MBA on IV couldn't figure out how to calculate the cost oil figure. The formula was right there in front of his face all the time, LOL.
Stay The Course: I enjoy reading your messages as they are well thought out and I do not get the sense they are being thrown at us as I do with a few of the other posters on this board.
But, I question if using a multiple times cash flow would be the proper way to put a market cap on an exploration company in relation to reserve potential. And if an analyst were to use a multiple wouldn't a multiple of between 15 and 20 be more appropriate as both capital requirements and risk are somewhat mitigated. To value a company like ERHC for acquisition one could combine both cash flow and a reserve valuation coupled with risk and future obligations. The reserve valuation has to be priced against the PSA agreements which in this case should have many requirements requiring the partnership to both train and use a substantive number of locals again sustantivly inflating costs.
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